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Here in Australia there is a strong insurance market with a number of large, medium and small insurers offering public liability cover.
Whether you are taking out public liability insurance directly or going through a broker, you will generally need to make a choice on which provider to use.
In this guide we will take a look at some of the factors you should consider when choosing a public liability provider.
Why It’s Important
Broadly speaking, as long as you choose the specific policy that meets your business needs, the provider of the insurance policy should not matter too much.
However as we all know, not all companies are equal when it comes to the service they offer and the prices they charge. For this reason it is important to put some effort into choosing a provider.
Insurance Cost
For many businesses, one of the most common factors considered is the cost of the insurance.
Of course as business owners we all want to get the best deal on our insurance, but it is important not to choose a policy based purely on it being the cheapest.
The best way to ensure you are getting a good deal on your insurance is to shop around. There are plenty of insurance providers out there, and each of them calculates their premiums in slightly different ways.
It is also important to remember that each company will price different types of businesses differently. For example just because one company has the lowest premiums for electricians does not mean they will also be the cheapest for landscapers.
You can shop around with each insurance company yourself, however many business owners choose to use an insurance broker who can access the public liability insurance costs from a range of insurance providers.
Features and Benefits
Most public liability policies are very similar at a basic level in terms of the coverage they provide, however some will have slightly different features and benefits.
It is important to check the features and benefits of each policy you are comparing to ensure you are getting the right policy for your business needs.
You insurance broker will also be able to assist with comparing the features, as they will generally have a good level of knowledge of each policy.
Service
When it comes to service, the most important consideration for most business owners will be the service offered in the event of a claim.
All insurance companies offer adequate service when it comes to administrative tasks, but it is claim time when service really becomes important.
If you have an insurance broker they will generally act as the middle-man between you and the insurance company, in which case it may be better to consider the level of service offered by your broker rather than the insurer.
Reputation
Unless you have had considerable exposure to business insurance providers it may be difficult to judge a provider on their reputation.
One way to find out is to ask other business owners in your industry, or even other industries, what their experiences have been with different public liability insurance providers.
Insurance brokers are generally well placed to offer their opinions on the reputations of insurance providers, as they are dealing with the insurers on a daily basis in a variety of areas.
Making Your Choice
Ultimately you should be choosing an insurance provider based on their policy meeting the needs and objectives of your business. If the policy is not right for you, the other factors may matter very little.
Provided that the policy is suitable for your business, you need to consider a range of factors including the cost of the insurance and the level of service provided by the insurer.
Using an insurance broker or adviser is often considered to be one of the best ways of choosing an insurance provider. They can assess whether or not the policy is suitable for you, they can provide a range of quotes and they can also give their opinions on the reputations of the insurers.
If you would like assistance with choosing a public liability provider or would like an online insurance quote, please complete our online quote request or give our office a call.